Dan Morehead, founder and CEO of Bitcoin (BTC) investment firm Pantera Capital, has maintained his bullish Bitcoin prediction for 2021.
Bitcoin is poised to hit as much as $115,000 by August 2021, surging 200% in the next eight months, Morehead reportedly said at a conference call on Jan. 12.
The exec initially made this prediction in August 2020, when Bitcoin was trading at about $11,600. At publishing time, the cryptocurrency is trading at over $38,000. On Tuesday, Morehead said that Bitcoin still has lots of room for growth:
“Is bitcoin overvalued? I would say no. […] Bitcoin has spent three years well below its long-term compound annual growth trend line, it’s still below it, and although Bitcoin has rallied a great deal over the last six months, I think it is fairly valued.”
Morehead believes that major global digital currency developments like China’s digital yuan will positively impact the crypto market by boosting mainstream adoption. “There are over a billion people on earth that do not have access to a bank, but do have access to a smartphone, and that’s all you need to use a cryptocurrency,” Morehead said.
Joey Krug, co-chief information officer of Pantera, said that Bitcoin’s ongoing bull run is different from previousTitle: Pantera Capital CEO doubles down on $115K Bitcoin prediction for 2021
Sourced From: cointelegraph.com/news/pantera-capital-ceo-doubles-down-115k-bitcoin-prediction-for-2021
Published Date: Thu, 14 Jan 2021 11:25:56 +0000